Peg Anderson Takes Parking to the New Millennium

May 20, 2016

parking-parking-lot-underground-garageMargaret (Peg) Anderson served as outside general counsel for LMG2, LLC in the sale of a concessionaire interest for $370 million to Millennium Parking Garages LLC (MPG), a joint venture of Northleaf Capital Partners and AMP Capital.  MPG will now have exclusive rights to operate, manage, maintain, and collect parking fees for the entire Millennium Garages system.  The largest underground parking structure in the United States, Millennium Garages has 3.8 million square feet of space that includes 9,176 parking spaces in four underground parking garages beneath Millennium Park, Maggie Daley Park, and Grant Park.  Since early 2014, Peg has acted as outside general counsel for LMG2, LLC, an entity established to succeed the defaulting borrower’s interest in a 99-year Concession and Lease Agreement with the City of Chicago relating to the Millennium Garages.  SP Plus will take over as operator of the garages in September 2016.